PAL was forced to cancel many flights during that quarter amid industrial action as airline management outsourced 2,600 jobs in in-flight catering, airport services and call centre reservations in an effort to cut costs.

The latest result put the airline 3.60 billion pesos in the red in the first nine months of its current fiscal year, according to the parent firm.

PAL had a near-monopoly on the domestic aviation market two decades ago but now ranks second in terms of number of flights behind local budget carrier Cebu Pacific.

San Miguel, one of the country's largest companies, has aggressively expanded its focus over the past few years from its core brewing operations into oil refining, electricity, toll roads, and construction.